Deutsche Bank Aktiengesellschaft (Frankfurt am Main, Germany)

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1 Base Prospectus 22 August 2008 Deutsche Bank Aktiengesellschaft (Frankfurt am Main, Germany) Euro 50,000,000,000 Debt Issuance Programme Application has been made to list the notes (the Notes ) to be issued under this Debt Issuance Programme (as defined herein) on the Regulated Market Bourse de Luxembourg of the Luxembourg Stock Exchange, which is a regulated market within the meaning of the Markets and Financial Instruments Directive 2004/39/EC. Notes issued under the Programme may also be listed on the exchange regulated market operated by the Luxembourg Stock Exchange, Euro MTF, other or further stock exchanges or may not be listed at all. Deutsche Bank Aktiengesellschaft (the Issuer ) has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the CSSF ) in its capacity as competent authority under the Luxembourg act relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) to provide the competent authorities in Austria, Belgium, Denmark, France, the Federal Republic of Germany, The United Kingdom of Great Britain and Northern Ireland, Ireland, Italy and The Netherlands with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Loi relative aux prospectus pour valeurs mobilières which implements the Directive 2003/71/EC (the Prospectus Directive ) of the European Parliament and of the Council of 4 November 2003 into Luxembourg law ( Notification ). The Issuer may request the CSSF to provide competent authorities in additional Member States within the European Economic Area with a Notification. Arranger Deutsche Bank This document comprises a Base Prospectus for the purpose of article 5.4 of the Prospectus Directive. This Base Prospectus (the Prospectus ) will be published in electronic form on the website of the Luxembourg Stock Exchange ( and on the website ( of the Issuer. This Prospectus replaces the base prospectus dated 22 August

2 RESPONSIBILITY STATEMENT Deutsche Bank Aktiengesellschaft (together with its subsidiaries and affiliates Deutsche Bank ) with its registered office in Frankfurt is solely responsible for the information given in this Prospectus. The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. NOTICE This Prospectus should be read and understood in conjunction with any supplement hereto and with any other documents incorporated herein by reference. Full information on the Issuer and any tranche of Notes is only available on the basis of the combination of the Prospectus and the relevant Final Terms (as defined herein). Deutsche Bank has confirmed and will confirm to the Dealers (as defined herein), that this Prospectus is true, accurate and complete in all material respects and is not misleading; that any opinions and intentions expressed by each of them therein are honestly held and based on reasonable assumptions; that there are no other facts with respect to Deutsche Bank the omission of which would make this Prospectus as a whole or any statement therein or opinions or intentions expressed therein misleading in any material respect; and that all reasonable enquiries have been made to verify the foregoing. No person has been authorised to give any information or to make any representations, other than those contained in this Prospectus, in connection with the issue and sale of the Notes and, if given or made, such information or representations must not be relied upon as having been authorised by Deutsche Bank. Neither the delivery of this Prospectus nor any sale made hereunder shall, under any circumstances, create any implication that the information herein is correct as of any time subsequent to the date hereof. This Prospectus is valid for 12 months following its date of publication and it and any supplement thereto as well as any Final Terms reflect the status as of their respective dates of issue. The offering, sale or delivery of any Notes may not be taken as an implication that the information contained in such documents is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial condition of the Issuer since such date or that any other information supplied in connection with the Programme is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. The Issuer has undertaken for the benefit of any Dealer to supplement this Prospectus or publish a new Prospectus if and when the information herein should become materially inaccurate or incomplete and has further agreed with the Dealers to furnish a supplement to the Prospectus in the event of any significant new factor, material mistake or inaccuracy relating to the information included in this Prospectus which is capable of affecting the assessment of the Notes and which arises or is noted between the time when this Prospectus has been approved and the final closing of any tranche of Notes offered to the public or, as the case may be, when trading of any tranche of Notes on a regulated market begins, in respect of Notes issued on the basis of this Prospectus. Neither the Dealer nor any person mentioned in this Prospectus, excluding the Issuer, is responsible for the information contained in this Prospectus, any document incorporated herein by reference, or any supplement thereof, or any Final Terms and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents. The distribution of this Prospectus, any document incorporated herein by reference and any Final Terms and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms come are required to inform themselves about and to observe any such restrictions see Selling Restrictions. In particular, Notes have not been and will 2

3 not be registered under the United States Securities Act of 1933 (as amended) and may include Notes in bearer form which are subject to U. S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of America or to U. S. persons. The language of the Prospectus is English. Any part of the Prospectus in the German language constitutes a translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Terms and Conditions may be controlling and binding if so specified in the relevant Final Terms. Neither the Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Neither the Prospectus nor any Final Terms constitutes an offer or an invitation to subscribe for or purchase any Notes and should not be considered as a recommendation by Deutsche Bank, the Dealers or any of them that any recipient of this Prospectus or any Final Terms should subscribe for or purchase any Notes. Each recipient of this Prospectus or any Final Terms shall be taken to have made its own appraisal of the condition (financial or otherwise) of the Issuer and as the case may be of Deutsche Bank. In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers (if any) named in the relevant Final Terms as the stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) may overallot Notes or effect transactions with a view to supporting the price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the stabilising manager(s) (or persons acting on behalf of a stabilising manager) will undertake stabilisation action. Any stabilisation action may begin at any time after the adequate public disclosure of the final terms of the offer of the relevant Tranche of Notes and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and rules. In this Prospectus, all references to, Euro, EUR or euro are to the single currency of certain member states of the European Union and all references to U. S. dollars, U. S.$ and $ refer to United States dollars. 3

4 TABLE OF CONTENTS Page General Description of the Programme... 5 General... 5 Issue Procedures... 6 Summary... 8 Risk Factors... 8 The Notes Deutsche Bank German Translation of the Summary Risk Factors Regarding Deutsche Bank Regarding the Notes Deutsche Bank Aktiengesellschaft Terms and Conditions of Notes German Language Version (Deutsche Fassung der Emissionsbedingungen) Terms and Conditions of the Notes English Language Version Form of Final Terms. 82 Taxation General Information Authorization Legal and Arbitration Proceedings No Material Adverse Change No Significant Change in the Issuer s Financial Position Material Contracts Post Issuance Information Clearing Systems Use of Proceeds Listing Information and Admission to Trading Undertaking Luxembourg Stock Exchange Selling Restrictions Documents Incorporated by Reference Names and Addresses

5 GENERAL DESCRIPTION OF THE PROGRAMME I. General Under this 50,000,000,000 Debt Issuance Programme (the Programme ), the Issuer may from time to time issue notes (the Notes ) to one or more of the following Dealers: Deutsche Bank Aktiengesellschaft; Deutsche Bank AG, London Branch; Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Zurich Branch; Deutsche Bank Luxembourg S. A. and any other Dealer appointed from time to time in accordance with the Dealer Agreement which appointment may be for a specific issue or on an ongoing basis (the Dealers ). The maximum aggregate principal amount of all Notes at anyone time outstanding under the Programme will not exceed 50,000,000,000 (or its equivalent in other currencies). The Issuer may increase the amount of the Programme in accordance with the terms of the Dealer Agreement from time to time. Notes that may be issued by the Issuer acting through its London Branch, Sydney Branch or any of its other branch offices outside Germany will constitute obligations of the Issuer as a whole and are the same as if the Issuer had issued such Notes through its head office in Frankfurt am Main. The Notes will be issued on a continuing basis to one or more of the Dealers (as defined herein). Notes may be distributed by way of public offer or private placements and, in each case, on a syndicated or nonsyndicated basis. The method of distribution of each Tranche will be stated in the relevant Final Terms (the Final Terms ). Notes will be issued on a continuous basis in tranches (each a Tranche ), each Tranche consisting of Notes which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a series ( Series ) of Notes. Further Notes may be issued as part of existing Series. The specific terms of each Tranche will be set forth in the applicable Final Terms. Notes will be issued in such denominations as may be agreed between the Issuer and the relevant Dealer(s) and as indicated in the applicable Final Terms save that the minimum denomination of the Notes will be, if in Euro, 1,000, or if in any currency other than Euro, in an amount in such other currency nearly equivalent to Euro 1,000 at the time of the issue of the Notes. Notes may be issued at an issue price which is at par or at a discount to, or premium over, par, as specified in the applicable Final Terms. Application has been made to list Notes in bearer form to be issued under the Programme on the Regulated Market ( Bourse de Luxembourg ) of the Luxembourg Stock Exchange, which is a regulated market within the meaning of the Markets and Financial Instruments Directive 2004/39/EC. The Programme provides that Notes in bearer form may be listed on other or further stock exchanges including, but not limited to, the Frankfurt Stock Exchange, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each issue. Notes may further be issued under the Programme which will not be listed on any stock exchange. Notes will be accepted for clearing through one or more Clearing Systems as specified in the applicable Final Terms. These systems will include those operated by Clearstream Banking AG, Frankfurt am Main ( CBF ), Clearstream Banking, société anonyme, Luxembourg ( CBL ) and Euroclear Bank SA/NV, as operator of the Euroclear system ( Euroclear ). Deutsche Bank Aktiengesellschaft will act as fiscal agent (the Fiscal Agent ). Deutsche Bank Aktiengesellschaft, Deutsche Bank Luxembourg S. A. and other institutions, all as indicated in the applicable Final Terms will act as paying agents (the Paying Agents ). Deutsche Bank Luxembourg S. A., will also act as Luxembourg listing agent (the Luxembourg Listing Agent ). 5

6 II. Issue Procedures General The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche of Notes (the Conditions ). The Conditions will be constituted by the Terms and Conditions of the Notes set forth below (the Terms and Conditions ) as completed, modified, supplemented or replaced by the provisions of the Final Terms. The Final Terms relating to each Tranche of Notes will specify: whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as described below); and whether the Conditions will be in the German language or the English language or both (and, if both, whether the German language version or the English language version is controlling). As to whether Long-Form Conditions or Integrated Conditions will apply, the Issuer anticipates that: Long-Form Conditions will generally be used for Notes sold on a non-syndicated basis and which are not publicly offered. Integrated Conditions will generally be used for Notes sold and distributed on a syndicated basis. Integrated Conditions will generally be required where the Notes are to be publicly offered, in whole or in part, or are to be distributed, in whole or in part, to non-professional investors. As to the controlling language of the respective Conditions, the Issuer anticipates that, in general, subject to any stock exchange or legal requirements applicable from time to time, and unless otherwise agreed between the Issuer and the relevant Dealer: in the case of Notes sold and distributed on a syndicated basis, German will be the controlling language. in the case of Notes publicly offered, in whole or in part, in Germany, or distributed, in whole or in part, to non-professional investors in Germany, German will be the controlling language. If, in the event of such public offer or distribution to non-professional investors, however, English is chosen as the controlling language, a German language translation of the Conditions will be available from the principal office of the Fiscal Agent and Issuer, as specified on of this Prospectus. Long-Form Conditions If the Final Terms specify that Long-Form Conditions are to apply to the Notes, the provisions of the applicable Final Terms and the Terms and Conditions, taken together, shall constitute the Conditions. Such Conditions will be constituted as follows: the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the blanks of such provisions; the Terms and Conditions will be modified, supplemented or replaced by the text of any provisions of the Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and Conditions; alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions of the Final Terms are not completed or are deleted will be deemed to be deleted from the Conditions; and all instructions and explanatory notes set out in square brackets in the Terms and Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions. Where Long-Form Conditions apply, each global note representing the Notes of the relevant Series will have the Final Terms and the Terms and Conditions attached. If Definitive Notes are delivered in respect of the Notes of such Series, they will have endorsed thereon either (i) the Final Terms and the Terms and Conditions in full, (ii) the Final Terms and the Terms and Conditions in a form simplified by the deletion of non-applicable provisions, or (iii) Integrated Conditions, as the Issuer may determine. 6

7 Integrated Conditions If the Final Terms specify that Integrated Conditions are to apply to the Notes, the Conditions in respect of such Notes will be constituted as follows: all of the blanks in all applicable provisions of the Terms and Conditions will be completed according to the information contained in the Final Terms and all non-applicable provisions of the Terms and Conditions (including the instructions and explanatory notes set out in square brackets) will be deleted; and/or the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in part, according to the information set forth in the Final Terms. Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The Integrated Conditions will be attached to each global note representing Notes of the relevant Series and will be endorsed on any Definitive Notes exchanged for any such global note. Definitive Notes The Issuer anticipates that Definitive Notes will as a rule not be issued in respect of Notes issued under the Programme. See Summary of the Programme Form of Notes. 7

8 SUMMARY The following constitutes the summary (the Summary ) of the essential characteristics and risks associated with the Issuer and the Notes to be issued under the Programme. This Summary should be read as an introduction to this Prospectus. Any decision by an investor to invest in the Notes should be based on consideration of this Prospectus as a whole, including the documents incorporated herein by reference, any supplements thereto and the relevant Final Terms. Where a claim relating to the information contained in this Prospectus, the documents incorporated by reference, any supplements thereto and the relevant Final Terms is brought before a court, the plaintiff investor might, under the national legislation of such court, have to bear the costs of translating the Prospectus, the documents incorporated by reference, any supplements thereto and the relevant Final Terms before the legal proceedings are initiated. Civil liability attaches to the Issuer who has tabled this Summary including any translation thereof, and has applied or will apply for its Notification, but only if this Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. The following Summary does not purport to be complete and is taken from and qualified in its entirety by the remainder of this Prospectus and, in relation to the terms and conditions of any particular Tranche of Notes, the applicable Final Terms. Summary regarding Risk Factors Risk Factors regarding the Notes Notes may not be a suitable Investment: Liquidity Risk: Market Price Risk: Risk of Early Redemption: Currency Risk/ Dual Currency Notes: Fixed Rate Notes: Floating Rate Notes: A potential investor should not invest in Notes which are complex financial Notes unless the investor has the expertise (either alone or with a financial advisor) to evaluate how the Notes will perform under changing conditions, the resulting effects on the value of the Notes and the impact this investment will have on the potential investor s overall investment portfolio. There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The holder of Notes is exposed to the risk of an unfavourable development of market prices of his Notes which materialises if the holder sells the Notes prior to the final maturity of such Notes. If the Issuer has the right to redeem the Notes prior to maturity, a holder of such Notes is exposed to the risk that due to early redemption his investment will have a lower than expected yield. Also, the Noteholder may only be able to reinvest on less favourable conditions as compared to the original investment. A holder of a Note denominated in a foreign currency and a holder of Dual Currency Notes is exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes. A holder of a Fixed Rate Note is exposed to the risk that the price of such Notes falls as a result of changes in the market interest rate. A holder of a Floating Rate Note is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the profitability of Floating Rate Notes. Floating Rate Notes may include multipliers or other leverage factors, or caps or floors, or any combination of those features or other similar related features. The market value of such structured Floating Rate Notes tends to be more volatile than the market value of conventional Floating Rate Notes. 8

9 Zero Coupon Notes: Index Linked Notes: Equity Linked Notes: Minimum Redemption Notes: Structured Notes: Risks in connection with Caps: Subordinated Notes: A holder of a Zero Coupon Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to market interest rate changes than interest bearing notes with a similar maturity. A holder of an index linked interest Note ( Index Linked Interest Note ) is exposed to the risk of fluctuating interest rate levels and uncertainty with respect to interest income and may even receive no interest at all. The yield of an Index Linked Interest Note may even be negative. A holder of an index linked redemption Note ( Index Linked Redemption Note ) is exposed to uncertainty with respect to the redemption amount. The yield of an Index Linked Redemption Note may be negative and an investor may lose the value of its entire investment or part of it. Uncertainty with respect to interest and repayment amount makes it impossible to determine the yield of Index Linked Notes in advance. The more volatile the relevant index is, the greater is the uncertainty in respect of interest income and repayment amount. Equity linked interest Notes ( Equity Linked Interest Notes ) bear or pay interest at a variable rate determined by reference to the value of one or more equity securities. A holder of Equity Linked Interest Notes is exposed to the risk that depending on the terms of such Notes he may receive no or a limited amount of interest. Equity linked redemption Notes ( Equity Linked Redemption Notes ) may be redeemed by the Issuer by payment of the par value amount and/or by payment of an amount determined by reference to the value of one or more equity securities. Accordingly, an investment in Equity Linked Redemption Notes may bear similar market risks to a direct equity investment. Although the Issuer will pay to a holder of a Minimum Redemption Note a predefined minimum amount upon redemption, the holder with respect to the yield of such note is exposed to the performance of a notional (hypothetical) portfolio of assets and liabilities the composition of which will fluctuate over the life of such Notes. Uncertainty with respect to such performance makes it impossible to determine the yield of a Minimum Redemption Note in advance and a holder of such Note may even receive no yield at all. An investment in Notes the premium and/or the interest on or principal of which is determined by reference to one or more values of currencies, commodities, interest rates or other indices or formulae, either directly or inversely, may entail significant risks not associated with similar investments in a conventional debt security, including the risks that the resulting interest rate will be less than that payable on a conventional debt security at the same time and/or that an investor could lose all or a substantial portion of the principal of his Notes. The yield of Notes with a cap can be considerably lower than that of similar structured Notes without a cap. The obligations of the Issuer in case of Subordinated Notes constitute unsecured and subordinated obligations. In the event of the liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer so that in any such event no amounts will be payable under such obligations until the claims of all unsubordinated creditors of the Issuer will have been satisfied in full. 9

10 Risk of potential Conflicts of Interest: In case of Notes linked to an underlying, the Issuer, each Dealer or any of their respective affiliates may from time to time engage in transactions relating to such underlying which could create conflicts of interest and may have a negative impact on the underlying value. Risk Factors regarding Deutsche Bank Prospective investors should consider all information provided in the Registration Document and consult with their own professional advisers if they consider it necessary. The following describes risk factors relating to the Issuer s ability to meet its obligations under the securities. An investment in debt securities issued by Deutsche Bank bears the risk that Deutsche Bank is not able to fulfil its obligations created by the issuance of securities on the relevant due date. Rating Ratings assigned to the Issuer by certain independent rating agencies are an indicator of the Issuer s ability to meet its obligations in a timely manner. The lower the assigned rating is on the respective scale the higher the respective rating agency assesses the risk that obligations will not be met at all or not be met in a timely manner. As of the publication date of this Base Prospectus, the following ratings were assigned to Deutsche Bank: Longterm Short-term Rating Agency Outlook Standard & Poor s Ratings Services, a Division of The McGraw-Hill Companies Inc. AA A-1+ negative Moody s Investors Service Limited Aa1 P-1 stable Fitch Ratings Ltd AA F1+ stable Rating agencies may change their ratings at short notice. A rating s change may affect the price of securities outstanding. Rating of Subordinated Obligations If Deutsche Bank enters into subordinated obligations these obligations may be rated lower. Deutsche Bank will disclose such ratings of subordinated obligations (if any). Summary regarding the Notes Currencies: Denominations of Notes: Form of Notes: Status of the Notes: Subject to any applicable legal or regulatory restrictions and requirements of relevant central banks, Notes may be issued in any currency agreed by the relevant Issuer and the relevant Dealer. Notes may be issued in any denominations as indicated in the applicable Final Terms, but will at least have a denomination of Euro 1,000 or an amount in any other currency which is nearly equivalent on the issue date, save that the minimum denomination of the Notes will be such as may be allowed or required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the relevant Specified Currency. Notes may be issued in bearer form only. Senior Notes (the Senior Notes ) will constitute unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer. 10

11 Subordinated Notes (the Subordinated Notes ) may be issued either as Tier 2 subordinated Notes (the Tier 2 Subordinated Notes ) or Tier 3 subordinated Notes (the Tier 3 Subordinated Notes ). In either case they will constitute unsecured and subordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other contractually subordinated obligations of the Issuer. In the event of the dissolution, liquidation or insolvency of the Issuer, such obligations may be satisfied only after the non-subordinated claims of creditors of the Issuer have been satisfied. For the avoidance of doubt the term Note or Notes when used in this Prospectus shall refer to Senior Notes and Subordinated Notes or any of them. Notes of Issuing Branches: Description of Notes: Fixed Rate Notes: Floating Rate Notes: Notes that may be issued by Deutsche Bank acting through its London Branch, its Sydney Branch or any of its other branch offices outside Germany will constitute obligations of Deutsche Bank to be performed through such branch. Notes may be either interest bearing at fixed or variable rates or non-interest bearing, with principal repayable at a fixed amount or by reference to a formula as specified in the applicable Final Terms. The Issuer may have the right to call the Notes prior to maturity, if indicated in the applicable Final Terms. Fixed interest will be payable on such basis as specified in the applicable Final Terms. Floating Rate Notes will bear interest at a rate determined (and as adjusted for any applicable margin): on the same basis as the floating rate under a notional interest rate swap transaction in the relevant specified currency governed by an agreement incorporating either the 2000 ISDA Definitions or the 2006 ISDA Definitions (each as published by the International Swaps and Derivatives Association, Inc., and as amended and updated as at the date on which the first Tranche of the Notes of the relevant Series is issued), on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service, or on such basis as indicated in the applicable Final Terms. The margin (if any) relating to such floating rate will be indicated in the applicable Final Terms for each Series of Floating Rate Notes. Interest periods for Floating Rate Notes will be one, two, three, six or twelve months or such other period(s) as may be agreed between the Issuer and the relevant Dealer, as indicated in the applicable Final Terms Structured Floating Rate Notes: Index Linked Notes: The premium and/or the interest on or principal of Structured Notes will determined by reference to one or more values of currencies, commodities, equities, interest rates or other indices or formulae, either directly or inversely. Payments of principal in respect of Index Linked Redemption Notes will be calculated by reference to a single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms). Each principal amount of Notes equal to the lowest specified denomination specified in the applicable Final Terms will be redeemed by payment of the redemption amount specified in or as determined pursuant to provisions in the applicable Final Terms. 11

12 Each issue of Index Linked Notes will be made in compliance with all applicable legal and regulatory requirements, including the provisions of Austrian and German law regarding the indexation of debt obligations. Structured Notes: Other provisions in relation to Floating Rate Notes, Index Linked Interest Notes and Equity Linked Interest Notes: Equity Linked Notes: The premium and/or the interest on or principal of Structured Notes will determined by reference to one or more values of currencies, commodities, interest rates or other indices or formulae, either directly or inversely. Floating Rate Notes, Index Linked Interest Notes and Equity Linked Interest Notes may also have a maximum interest rate, a minimum interest rate or both. Interest on Floating Rate Notes, Index Linked Interest Notes and Equity Linked Interest Notes in respect of each Interest Period, as selected prior to issue by the Issuer, will be payable on such Interest Payment Dates specified in, or determined pursuant to, the Terms and Conditions and/or the applicable Final Terms and will be calculated as indicated in the Terms and Conditions and/or the applicable Final Terms. Equity Linked Interest Notes: Payments of interest in respect of Equity Linked Interest Notes will be calculated by reference to one or more equity securities on such terms as may be agreed between the Issuer and the relevant Dealer and specified in the Term and Conditions and/or the applicable Final Terms. Equity Linked Redemption Notes: Payments of principal in respect of Equity Linked Redemption Notes will be calculated by reference to one or more equity securities. Each principal amount of Notes will be redeemed by payment of the redemption amount specified in the Terms and Conditions and/or the applicable Final Terms. If potential adjustment events and/or de-listing and/or merger event and/or nationalisation and/or insolvency and/or tender offer are provided for in the Terms and Conditions and/or the applicable Final Terms, the Notes will be subject to adjustment in the event of certain corporate events occurring in respect of the equity issuer(s) specified in the Terms and Conditions and/or the applicable Final Terms. Minimum Redemption Notes: Dual Currency Notes: Zero Coupon Notes: Other Notes: Minimum Redemption Notes will be redeemed at maturity at a minimum redemption amount which represents a predefined percentage of the nominal amount of such notes. The yield on Minimum Redemption Notes will be calculated by reference to the performance of a notional (hypothetical) portfolio of assets and liabilities the composition of which will fluctuate over the life of such Notes. Payments (whether in respect of principal or interest and whether at maturity or otherwise) in respect of Dual Currency Notes will be made in such currencies, and based on such rates of exchange as indicated in the applicable Final Terms. Zero Coupon Notes will be offered and sold at a discount to their principal amount and will not bear interest other than in the case of late payment. Notes may be of any other type of security. The terms governing any such Notes will be specified in the applicable Final Terms. 12

13 Maturities: Redemption: Such maturities as may be agreed between the Issuer and the relevant Dealer and as indicated in the applicable Final Terms, subject to such minimum or maximum maturities as may be allowed or required from time to time by the relevant regulatory authority or any laws or regulations applicable to the Issuer or the relevant Specified Currency. The applicable Final Terms will indicate either that the Notes cannot be redeemed prior to their stated maturity (except for taxation reasons, or upon the occurrence of an event of default) or that such Notes will be redeemable at the option of the relevant Issuer and/or the Holders upon giving notice within the notice period (if any) indicated in the applicable Final Terms to the Holders or the relevant Issuer, as the case may be, on a date or dates specified prior to such stated maturity and at a price or prices and on such terms as indicated in the applicable Final Terms. Any Notes, the proceeds of which are to be accepted by the Issuer in the United Kingdom, which must be redeemed before the first anniversary of the date of their issue, shall (a) have a redemption value of not less than 100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than Sterling), and (b) provide that no part of any such Note may be transferred unless the redemption value of that part is not less than 100,000 (or such an equivalent amount). Taxation: The applicable Final Terms for each Series will indicate if all payments of principal and interest in respect of the Notes will: (i) be made with withholding on deduction of taxes, duties or governmental charges, if such withholding or deduction is required by law and in each case without any tax gross-up; or (ii) be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of deduction or withholding at source by or on behalf of the country of domicile of the respective Issuer, as the case may be, or any political subdivision or any authority thereof or therein having power to tax unless such withholding or deduction is required by law. In such event, the Issuer will pay such additional amounts as shall be necessary in order that the net amounts received by the Holders of the Notes after such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes in the absence of such withholding or deduction, subject to the exceptions set out in 7 of the Terms and Conditions of the Notes. Early Redemption for Taxation Reasons: Events of Default and Cross Default: Negative Pledge: Governing Law: Places of Jurisdiction: Early redemption for taxation reasons will be permitted as provided in 7 of the Terms and Conditions of the Notes. Senior Notes will provide for events of default entitling Holders to demand immediate redemption of the Notes as set out in 9 of the Terms and Conditions of the Notes. The Notes will not contain a cross-default clause. The Notes will not contain a negative pledge provision. German law. Non-exclusive place of jurisdiction for any legal proceedings arising under the Notes is Frankfurt am Main. 13

14 Summary regarding Deutsche Bank Information about Deutsche Bank History and Development of the Bank Deutsche Bank Aktiengesellschaft ("Deutsche Bank" or the "Bank") originated from the reunification of Norddeutsche Bank Aktiengesellschaft, Hamburg, Rheinisch-Westfälische Bank Aktiengesellschaft, Duesseldorf and Süddeutsche Bank Aktiengesellschaft, Munich; pursuant to the Law on the Regional Scope of Credit Institutions, these had been disincorporated in 1952 from Deutsche Bank which was founded in The merger and the name were entered in the Commercial Register of the District Court Frankfurt am Main on 2 May Deutsche Bank is a banking institution and a stock corporation incorporated under the laws of Germany under registration number HRB The Bank has its registered office in Frankfurt am Main, Germany. It maintains its head office at Theodor-Heuss-Allee 70, Frankfurt am Main and branch offices in Germany and abroad including in London, New York, Sydney, Tokyo and an Asia-Pacific Head Office in Singapore which serve as hubs for its operations in the respective regions. Deutsche Bank is the parent company of a group consisting of banks, capital market companies, fund management companies, a real-estate finance company, instalment financing companies, research and consultancy companies and other domestic and foreign companies (the "Deutsche Bank Group"). The objects of Deutsche Bank, as laid down in its Articles of Association, include the transaction of all kinds of banking business, the provision of financial and other services and the promotion of international economic relations. The Bank may realise these objectives itself or through subsidiaries and affiliated companies. To the extent permitted by law, the Bank is entitled to transact all business and to take all steps which appear likely to promote the objectives of the Bank, in particular: to acquire and dispose of real estate, to establish branches at home and abroad, to acquire, administer and dispose of participations in other enterprises, and to conclude enterprise agreements. Deutsche Bank operates through three group divisions: The Corporate and Investment Bank (CIB) comprises the following Corporate Divisions: Corporate Banking & Securities (CB&S) comprises the following Business Divisions: Global Markets comprises all sales, trading, structuring and research in a wide range of financial products. Corporate Finance comprises M&A advisory, Equity Capital Markets (ECM), Leveraged Debt Capital Markets (LDCM), Commercial Real Estate (CRE), Asset Finance & Leasing (AFL) and corporate lending services. Global Transaction Banking (GTB) comprises commercial banking products and services for corporate clients and financial institutions, including domestic and cross-border payments, professional risk mitigation for international trade and the provision of trust, agency, depositary, custody and related services. Business units include Cash Management for Corporates and Financial Institutions, Trade Finance and Trust & Securities Services. Private Clients and Asset Management (PCAM) comprises the following Corporate Divisions: Private & Business Clients (PBC) offers banking services to private customers as well as small and medium-sized business clients. The range of services encompasses loans, current accounts and deposits and payment services as well as securities and mutual funds and portfolio investment advisory. Asset and Wealth Management (AWM) comprises the following Business Divisions: Asset Management (AM) comprises four delineated business lines: Retail, Alternatives, Institutional and Insurance. AM serves retail clients with a full range of mutual fund products and institutional clients with a fully integrated offering, from traditional asset management products through to high-value products including absolute return strategies and real estate asset management. 14

15 Private Wealth Management (PWM) offers an integrated approach to wealth management, both onshore and offshore, for high net worth individuals and families in over 85 offices in more than 30 countries. Corporate Investments (CI). 15

16 GERMAN TRANSLATION OF THE SUMMARY Der folgende Abschnitt stellt die Zusammenfassung (die Zusammenfassung ) der wesentlichen Merkmale und Risiken der Emittentin und der Schuldverschreibungen, die unter dem Programm begeben werden, dar. Die Zusammenfassung ist als Einleitung zum Prospekt zu verstehen. Der Anleger sollte jede Entscheidung zur Anlage in die betreffenden Wertpapiere auf die Prüfung des gesamten Prospekts, einschließlich der durch Verweis einbezogenen Dokumente, etwaige Nachträge und der Endgültigen Bedingungen stützen. Für den Fall, dass vor einem Gericht Ansprüche aufgrund der in einem Prospekt, durch Verweis einbezogenen Dokumenten, etwaigen Nachträgen sowie den in den jeweiligen Endgültigen Bedingungen enthaltenen Informationen geltend gemacht werden, könnte der klagende Anleger aufgrund einzelstaatlicher Rechtsvorschriften die Kosten für eine Übersetzung des Prospekts, der durch Verweis einbezogenen Dokumente, etwaiger Nachträge und der Endgültigen Bedingungen in die Gerichtssprache vor Prozessbeginn zu tragen haben. Die Emittentin, die die Zusammenfassung einschließlich einer Übersetzung davon vorgelegt hat und deren Meldung beantragt hat oder beantragen wird, kann haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit anderen Teilen des Prospekts gelesen wird. Die nachstehende Zusammenfassung ist keine vollständige Darstellung, sondern gehört zum Prospekt und ist im Zusammenhang mit dem Prospekt insgesamt sowie, in Bezug auf die Emissionsbedingungen einzelner Tranchen von Schuldverschreibungen, mit den maßgeblichen Endgültigen Bedingungen zu lesen. Zusammenfassung bezüglich der Risikofaktoren Risikofaktoren bezüglich der Schuldverschreibungen Schuldverschreibungen als nicht geeignetes Investment Schuldverschreibungen sind komplexe Finanzinstrumente, in die potentielle Anleger nur investieren sollten, wenn sie (selbst oder durch ihre Finanzberater) über die nötige Expertise verfügen, um die Performance der Schuldverschreibungen unter den wechselnden Bedingungen, die resultierenden Wertveränderungen der Schuldverschreibungen sowie die Auswirkungen einer solchen Anlage auf ihr Gesamtportfolio einzuschätzen. Liquiditätsrisiko: Es besteht keine Gewissheit, dass ein liquider Sekundärmarkt für Schuldverschreibungen entstehen wird, oder sofern er entsteht, dass er fortbestehen wird. In einem illiquiden Markt könnte es sein, dass ein Anleger seine Schuldverschreibungen nicht jederzeit zu angemessenen Marktpreisen veräußern kann. Die Möglichkeit Schuldverschreibungen zu veräußern, kann darüber hinaus aus landesspezifischen Gründen eingeschränkt sein. Marktpreisrisiko: Der Gläubiger von Schuldverschreibungen ist dem Risiko nachteiliger Entwicklungen der Marktpreise seiner Schuldverschreibungen ausgesetzt, welches sich verwirklichen kann, wenn der Gläubiger seine Schuldverschreibungen vor Endfälligkeit veräußert. Risiko der Vorzeitigen Rückzahlung: Sofern der Emittentin das Recht eingeräumt wird die Schuldverschreibungen vor Fälligkeit zurückzuzahlen oder sofern die Schuldverschreibungen vor Fälligkeit aufgrund des Eintritts eines Ereignisses welches in den Anleihebedingungen dargelegt ist, zurückgezahlt werden, ist der Gläubiger solcher Schuldverschreibungen dem Risiko ausgesetzt, dass infolge der vorzeitigen Rückzahlung seine Kapitalanlage eine geringere Rendite als erwartet aufweisen wird. Außerdem besteht die Möglichkeit, dass der Anleihegläubiger der Schuldverschreibungen eine Wiederanlage nur zu schlechteren als den Bedingungen des ursprünglichen Investments tätigen kann. 16

17 Währungsrisiko/ Doppelwährungs- Schuldverschreibungen: Festverzinsliche Schuldverschreibungen: Variabel verzinsliche Schuldverschreibungen: Nullkupon- Schuldverschreibungen: Indexierte Schuldverschreibungen: Aktienbezogene Schuldverschreibungen: Der Gläubiger von Schuldverschreibungen, die auf eine fremde Währung lauten und der Gläubiger von Doppelwährungs-Schuldverschreibungen ist dem Risiko von Wechselkursschwankungen ausgesetzt, welche die Rendite solcher Schuldverschreibungen beeinflussen können. Der Gläubiger von festverzinslichen Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs solcher Schuldverschreibungen infolge von Veränderungen des aktuellen Marktzinssatzes fällt. Der Gläubiger von variabel verzinslichen Schuldverschreibungen ist dem Risiko eines schwankenden Zinsniveaus und ungewisser Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es unmöglich, die Rendite von variabel verzinslichen Schuldverschreibungen im Voraus zu bestimmen. Variabel verzinsliche Schuldverschreibungen können mit Multiplikatoren oder anderen Hebelfaktoren sowie mit Zinsober- und Zinsuntergrenzen oder einer Kombination dieser Merkmale oder mit ähnlichen Merkmalen ausgestattet sein. Der Kurs solcher Schuldverschreibungen neigt zu größerer Volatilität als der von herkömmlichen Schuldverschreibungen. Der Gläubiger von Nullkupon-Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer solchen Schuldverschreibung infolge von Veränderungen des Marktzinssatzes fällt. Kurse von Nullkupon-Schuldverschreibungen sind volatiler als Kurse von festverzinslichen Schuldverschreibungen und reagieren in höherem Maße auf Veränderungen des Marktzinssatzes als verzinsliche Schuldverschreibungen mit einer ähnlichen Laufzeit. Der Gläubiger einer Schuldverschreibung mit indexabhängiger Verzinsung ( Schuldverschreibungen mit Indexabhängiger Verzinsung ) ist dem Risiko eines schwankenden Zinsniveaus und Ungewissheit in Bezug auf den Zinsertrag ausgesetzt und wird möglicherweise überhaupt keine Verzinsung erhalten. Die Rendite einer Schuldverschreibung mit indexabhängiger Verzinsung kann negativ sein. Der Gläubiger einer Schuldverschreibung mit indexabhängiger Rückzahlung ( Schuldverschreibungen mit Indexabhängiger Rückzahlung ) ist einer Ungewissheit in Bezug auf den Rückzahlungsbetrag ausgesetzt. Die Rendite einer in Bezug auf den Rückzahlungsbetrag indexierten Schuldverschreibung kann negativ sein und ein Anleger kann den Wert seiner Anlage ganz oder teilweise verlieren. Ungewissheit in Bezug auf den Zins- und den Rückzahlungsbetrag machen es unmöglich, die Rendite einer indexierten Schuldverschreibung im Voraus zu bestimmen. Je volatiler der betreffende Index ist, desto größer ist die Ungewissheit in Bezug auf Zinsertrag und Rückzahlungsbetrag. Schuldverschreibungen mit aktienbezogener Verzinsung ( Schuldverschreibungen mit Aktienbezogener Verzinsung ) werden zu einem variablen Zinssatz verzinst, dessen Höhe vom Wert einer oder mehrerer Aktien abhängt. Ein Gläubiger von Schuldverschreibungen mit Aktienbezogener Verzinsung ist dem Risiko ausgesetzt, dass er unter Umständen keine oder nur Zinszahlungen in geringem Umfang erhalten wird. Schuldverschreibungen mit aktienbezogener Rückzahlung ( Schuldverschreibungen mit Aktienbezogener Rückzahlung ) können von der Emittentin durch Zahlung des Nennbetrags und/oder durch Zahlung eines unter Bezugnahme auf den Wert einer oder mehrerer Aktien ermittelten Betrags zurückgezahlt werden. Folglich kann eine Anlage in Schuldverschreibungen mit Aktienbezogener Rückzahlung mit ähnlichen Marktrisiken verbunden sein wie eine direkte Anlage in Aktien. 17